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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>82478</law_id><section_number>2.2-2313</section_number><catch_line>Exemption from taxation</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="2.2">Administration of Government</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Organization of State Government</unit><unit label="part" level="3" order_by="1" identifier="D">State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies</unit><unit label="chapter" level="4" order_by="1" identifier="22">Authorities</unit><unit label="article" level="5" order_by="1" identifier="7">Virginia Small Business Financing Authority</unit></structure><text>
						<section><p>The <span class="dictionary">Authority</span> is declared to be performing a public function and to be a public body corporate and a political subdivision of the <span class="dictionary">Commonwealth</span>. Accordingly, the income, including any profit made on the sale thereof from all <span class="dictionary"><span class="dictionary">bonds</span></span> issued by the <span class="dictionary">Authority</span>, shall at all times be exempt from all taxation by the <span class="dictionary">Commonwealth</span> or any public subdivision thereof. If, after all indebtedness and other obligations of the <span class="dictionary">Authority</span> are discharged, the <span class="dictionary">Authority</span> is dissolved, its remaining <span class="dictionary">assets</span> shall inure to the benefit of the <span class="dictionary">Commonwealth</span>.</p></section></text><history>1984, c. 749, &#xA7; 9-233; 2001, c. 844.</history><metadata></metadata></law>
